Effective ways to find the best car insurance policy

Effective ways to find the best car insurance policy 1

Many people think that car insurance is like an unwanted expense for their budget. But, the purpose for which it is being purchased is good. It not only protects you financially but also ensures insurance against any other natural calamity. There are times when we hear about road accidents and theft. Have you ever thought about the expenses of damage repair of your car? Well, in such a situation, it would be beneficial to get a car insurance policy that can provide coverage for the expenses in the event of vehicle damage or injuries.

Let’s have a look at some of the benefits of purchasing car insurance:

  • Personal accidental coverage: This means the insurance will protect against death because of an accident or permanent disability. With this insurance, the insured person will get a personal accident cover for the amount that has been predefined at the time of buying.
  • The benefit of NCB: NCB stands for No claim bonus which means that the insurer will reward the policyholder for not claiming the insurance in the policy period. It can also be taken as a discount for the policyholders. 
  • Damage of the car: Repairing and maintenance of a damaged car can make you spend more money. If there will be any sort of damage to the car due to an accident or fire then you are protected. Not just this, your car will also get protection against riots and thefts.
  • Transit coverage: Another benefit that we should discuss the car insurance is that it will cover loss for the damage that occurred during the transit by a road or rail.
  • A wide network of garages: Many insurance policy companies have a large network of garages all across the nation. This means that you can get cashless services of your car in all the garages if there is any need. Because of this, the policyholder will be able to get the repairing service of the car as per their convenience. 
  • 3rd party liabilities coverage: If your car met with an accident and damaged the proper of a third party then it will also get covered. It can be a person walking on the road or the one traveling in another vehicle. 

With a car insurance policy, the policyholder will get numerous benefits. Along with this, not having car insurance is illegal. You could also be fined this so it is better to buy suitable car insurance.

In the insurance market, you will get to see several car insurance policies that might confuse you. If you want to buy car insurance then here is a guide. In this guide, you will find an important list that you need to follow. With these steps, you will come to know about the best and suitable insurance policy for your car. So, have a detailed look at each of these:

Determine the requirements: To start the processing finding the right insurance policy,  you need to know what your requirements are in respect of your car. For this, you just consider your car’s type and its drive. Depending on your needs, you can narrow down the list of insurance plans. 

Always search for a top-rated insurer: It is important to look for a reliable insurer so that you don’t have to deal to claim problems. You must search about the insurer that has a track record of making claims and payments in a hassle-free manner. On the internet, you can get a full listing of the insurer along with their ratings.

Don’t forget the coverage: While searching for the best car insurance policy, you need to review the coverage of the insurance. Whether it is providing you the coverage for property damage, third party liability, and bodily injury? So, always look for the type of cover that you will get from the insurance.

Maintain good credit: Another important thing that you need to do is to maintain a good credit score. For this, you must regularly check the credit score. A low score may impact your premium therefore it is important to review your scores. Try to maintain the score otherwise, a bad credit score can cause you an increase in the premium.

Make a comparison:  If you want a better deal for your car insurance then make sure to review the rates of many other insurance companies. There is the availability of different insurance comparison tools through which you can conclude. Remember, it should be based on claims, premiums, and coverage of the insurer. 

Check the coverage of repairs: Whenever you look for insurance deal, don’t forget to check where your insurance company is sending you for repairs. It is important that you go to authentic repairing shops, service centers or garage so that only OEM can be used in the car.

Getting connected to insurance agents The best way of buying a suitable car insurance policy is by talking to the insurance agents. They have experience and knowledge about the insurance market deeply. With their help, you can come across the policy that suits your budget and coverage needs. So, it would be better to speak to diligent and enthusiastic insurance agents.

Focus on the deductable: Deductible is the amount the policyholder will have to pay for the repairing of the car before the insurance coverage. If there will be a higher deductible then it will reduce the premium. But for this, you will have to pay more money during the accident or any other event. 

Have a look at the background of the insurer: Go and check out insurer’s website and online forums to see the reviews about their services. Also, you need to look at their claim processes and claim settlement ratio. 

Apart from these, the policyholder also needs to be careful about the documentation process while buying the insurance. If there is a facility of the additional cover of zero depreciation then you must purchase that car insurance policy.

What types of claim facilities does car insurance provide?

Car Insurance Policy

There is a variety of damage for which you can take claim in car insurance. The time taken to claim the settlement depends on the type of damage. If the car is completely damaged then it will take more time to repair it but if there is some minor damage then it will take a few hours only. Here are some important claim types of car insurance:

Roadside assistance claim: This claim will help you to to your vehicle in case it gets damaged in an accident. This is an optional claim that you can avail of. In some cases, the insurance provider pays the complete cost of towing and you don’t have to pay anything for it.

Glass damage claim: This claim will only provide expenses of the glass if your car gets damaged. You have to provide the images and other related information to the insurance provider and they will provide you complete reimbursement of the repairing cost. Further, in this case, they will also provide you the OEM and take the extra cost for it.

Total loss claim: This claim has the lengthiest process among all as it relates to the major monetary loss. Claiming for total loss can take more than one month to settle. Under this claim, the vehicle is in the totaled condition so the owner has to provide all the related images of the damage and the information to the Insurance provider for successful claim settlement.

Physical damage claim: This claim will cover the physical damage in the car and it takes 2-3 weeks to complete the claiming process. If in case the car is drivable then you can drive it, otherwise borrow or rent a car as per your requirement until it gets repaired.

What alternatives can you take if it is taking too much time for claim settlement?

In most of the cases, it will take up to one week when there are some major issues with the vehicle. But there is always an exception so in certain cases it will take a month to get your vehicle repaired or make a claim. If your car is in drivable condition then it will be a cherry on the cake but if it gets completely damaged then you have to search for an alternative option to driving to your office. The backup plan you can take are:

Take a rental car: this is the best suitable substitute you can choose, as it will cost money but will not hamper your time and family. Also, rental cars are safe and cost-effective to use.

Borrow a car from a friend: Maybe it will not cost you money but it is also not possible to keep a car from your friend. Apart from all, it is also not necessary that they will allow you to keep their vehicle for so long. So, this might be risky as you have to take care of the car so well, that even one extra scratch on the car will create a problem for you.

Which type of damage is not covered in the car insurance policy?

A car insurance policy will take care of all the major damage caused to your car but there are some exceptions that will not be covered under a car insurance policy:

  • Wear and tear in the engine due to oil leakage will not be covered.
  • If any damage will happen between the expiry and the next renewal date of the policy then it will not be covered.
  • Loss or damage caused due to nuclear perils or war will not be covered under the insurance policy.
  • The electrical and mechanical breakdown is not covered.
  • Any damage or accident that is dome intentional to harm the other person will not be covered.
  • Tire damage is not covered under the policy
  • Accidental damage that is caused due to Drunk and drive will not be considered under the policy.

Procedure to make a claim after the car accident:

You have to claim for the losses to take reimbursement of the damage caused to your vehicle from the insurance company. After that they will arrange an investigation session to find the genuinity of the accident, whether the accident is caused intentionally or it was real. If they found you true, then they will pay for the damage. By the following steps you can make a claim:

  • First of all, call the insurance company to inform them about the damage.
  • Report a complaint in the nearby police station.
  • Make a record of the details about another car’s driver such as contact number, car number, name and valid id proof. Also, look for the eye witness available at the time of an accident like shopkeepers having their shop near the accident location.
  • Now file a claim online or manually to your insurance company. Ask them to provide an inspector to evaluate the losses and further action will be taken by the insurance company.

At the time of filing the claim form, the insurance company will ask you for some documents. If you are unable to provide those documents, they will reject your claim. Here are the documents that you have to submit at the time of policy claim:

  • Documents of your insurance policy
  • Xerox of FIR that you have filed in the police station
  • Properly filled claim form with your signature mentioned on it.
  • Registration certificate (RC) of your vehicle
  • Xerox of driving license (DL)
  • A detailed estimation of the repairing cost
  • Images of the damaged caused
  • In case of any injuries caused to a passenger, Medical reports are required

If you provide all these documents, then it will take a week to get a successful claim. The time taken to complete the settlement process will completely depend on the authorities. Whether they are doing the process smoothly or not. Further, they will also set up an investigation for this to check the genuinity of the case. If they find anything suspicious then they also have the right to reject your claim.

How much estimated time it will take to settle a car insurance claim?

Car Insurance Claim

If your car gets damaged and you want to claim the insurance then it can be a terrifying task. It will take a long time and also hamper your work. If you drive your car to go everywhere, then you have to delay your plans until you get your car back from the repair centre. These days having a working car is a necessity for all of us not just for work but also for maintaining status in society. So, it is important to repair your car as soon as possible. If you are already a car insurance holder then it is high time to think about your car insurance claim. If you are thinking that the time taken by your insurance provider to claim the settlement is too long then you can go for a change and get the best available in the market.

Process of approving a claim settlement:

In the insurance claim process, it will take a long time because the claiming process is not in the hand of any single person. It involves certain criteria and procedures that a team has to follow and it makes the process more time-consuming. It needs lots of investigation and approval of a senior person to approve the claim. If a single person is not willing to approve the claim then it will hamper the whole process and your claim settlement gets delayed. After all of this, if the authorities find anything suspicious or misleading about your claim then also, they can reject the claim at the last point.

Want to choose for the Right time to make a claim: If you are worrying whether you can make the claim or not for a minor accident. Then just think about the repairing expenses, whether you can afford it or not. If someone gets injured in that accident or too much damage caused to the vehicle then you can surely take a claim. However, if there is only minor damage or scratches caused to the car then you can pay and repair it by own. As frequent claims will affect your goodwill and some companies will also increase the premium rates on frequent claiming.

Here we are providing some pointers that will surely help you to make a successful claim:

Collect your evidence: On the first go if you meet with an accident anytime and you know that it is not your mistake then make sure to take multiple pictures of the accident location, the damage caused to your car, the condition of the other driver, check whether anyone is injured or not. Pictures play a vital role in applying for claim as without pictures insurance providers are also unable to process your claim further.

Check for the time limit: Different insurance companies have different deadlines to report the claim after the accident happens. If you will not report that within the time period that you will not be able to make the claim.

File a FIR in the nearby Police station: If it is not your mistake then file a report in the nearby police station. If you don’t take this step and the other driver is responsible for the accident then he will try hard to put the blame on you and you can do nothing at that time.    

Don’t be over-smart and admit your guilt: Whether the accident is caused by your mistake or not, don’t ever try to admit your guilt. At the time of the accident if you are covered with insurance then your insurance company is your lawyer. Let the insurance company and the police take the charge and decide who is guilty. Admitting mistakes at that sort of time will put you in major problems.

Factors that delay the claim settlement process: 

Everything takes time, but for every work there is a predefined time especially when it comes to any monetary losses. Same goes with the insurance claim settlement process, if your insurance provider is taking more time than usual, then there is surely something doubtful about it. This is not a perfect world that everything here will go effortlessly. Below are some major factors that can be a barrier to your claim settlement process

Lack of communication: At the time if the claim settlement insurance company will make an investigation or call you to confirm the exactness of the incident. If you are unable to take the call on the first go or delay in replying then the whole procedure will be postponed. They have other clients and other settlements to do, so it will not be possible for them to call you again and again. It will be helpful if you try to take the call on the first go and provide the complete, relevant and correct information for smooth processing of the claim.

Wrong information was given to the insurance provider: At the time of purchasing the car insurance policy, you have to provide the correct information to the company. If you have provided the wrong information then at the time of claiming if they will find anything mismatch then they will not approve your claim.

Misinterpretations about coverage: If you are thinking that the insurance provider is providing the OEM coverage and you apply for that. But after applying for the claim you get to know that OEM coverage is not included in your policy then your claiming process will be delayed.

Dissatisfied with the provided repairing service: If the repairing service is done in a rush as you want your car back urgently. The paint job done on your car is not looking good or the car is still creating a problem while driving, then the best you can do is to report the problem immediately to the service provider. By this you can get it correct whenever your car is free to repair or the insurance provider will provide a discount for this.

Shortage of cash: At the time of claiming you have to pay the deductibles from your pocket. So, if you have a shortage of cash and don’t have money to pay a deductible then hold off the process of repairing until you don’t have enough cash to pay off the deductibles.

Apart from these there are many problems that you can face while claiming the process. If anything serious problems arise then contact your insurance agent and talk with them about it. They can’t help you directly but surely will provide you some suggestions to solve your problem. The insurance agent can call to claim representative or manager of the repair centre on your behalf, that will also guide you with alternative solutions to get rid of the problem as soon as possible.